Posted: September 13, 2020
A 401(k) plan is an excellent benefit for employers to offer employees. It is a tax-deferred, defined-contribution retirement account that gets its name from a section of the IRS Code. Many employers offer matching funds for all or part of their employees’ contributions to a 401(k) plan. If you are opening a 401(k), two key terms to understand are “sponsor” and “third-party administrator.” What Is...
Posted: August 28, 2020
Under the Affordable Care Act (ACA), employers with 50 or more full-time employees must provide health insurance or pay a hefty penalty to the IRS. Smaller companies that are not required to provide health insurance to their employees can benefit from the Small Employer Health Care Tax Credit under ACA, provided they pay at least half of their employees’ health insurance premiums. But what about...
Posted: August 13, 2020
If you are a foreign worker in the U.S., planning to return home, or a U.S. citizen planning to move abroad, you may be wondering what happens to your 401(k) account when you leave the country. In this scenario, you have several different options from which to choose. Leave Your 401(k) In The U.S. When you leave your 401(k) in the U.S., you retain the...
Posted: July 28, 2020
For many Americans, a 401(k) is the foundation of their retirement planning. The goal is to set aside sufficient tax-deferred dollars (ideally, with matching employer contributions) to see you through from the date of retirement to the date of your death. But what happens if you die before you have a chance to spend your 401(k) funds? You certainly can’t take it with you when...
Posted: July 13, 2020
If you want to source and retain top talent, an attractive employee group benefits package is a valuable asset. Even with a startup or a small company, it works to your advantage to offer as many group benefits as you can, as soon as you can. Start offering group benefits before it becomes difficult to attract and retain the best employees. What Group Benefits Should...